news & politics:discussion

[fred quimby]

6 minutes ago, steviewevie said:

helps if work for a company that does these pension things where you contribute and they match it or whatever...and I think most do this now (they have to?). I certainly wouldn't have bothered otherwise.

Very lucky where I am that the add upto 15% on top. Hoping more people get switched on to saving younger, but I do remember what is was like and with rents mortgage and having fun thinking about being old is not really top of the pile

[fred quimby]

2 minutes ago, steviewevie said:

Pakistan chucking missiles at Iran now. If everyone could just stop firing missiles at each other...

Certainly a very worrying period at present.

[steviewevie]

3 minutes ago, fred quimby said:

Very lucky where I am that the add upto 15% on top. Hoping more people get switched on to saving younger, but I do remember what is was like and with rents mortgage and having fun thinking about being old is not really top of the pile

wow, 15% is good. My current company does 10%. 

agreed...not easy when young, actually not that easy if any age and on low paid work.

[Guest]

 

[steviewevie]

 

[fred quimby]

1 minute ago, steviewevie said:

 

Makes you want to vomit

[Crazyfool01]

42 minutes ago, steviewevie said:

wow, 15% is good. My current company does 10%. 

agreed...not easy when young, actually not that easy if any age and on low paid work.

Yep this I started a pension late . Prioritised saving for a house . No way I could afford both now I only make a small contribution on low pay that’ll make buggar all difference when I retire … oh well . I’ve a house at least 

[fraybentos1]

48 minutes ago, fred quimby said:

Very lucky where I am that the add upto 15% on top. Hoping more people get switched on to saving younger, but I do remember what is was like and with rents mortgage and having fun thinking about being old is not really top of the pile

15% is wild, that is very very rare. Auto enrolment is actually one of the few success stories of the tories being in power. It makes me wince if I hear from someone that they’ve opted out tho. 

[Crazyfool01]

1 minute ago, fraybentos1 said:

15% is wild, that is very very rare. Auto enrolment is actually one of the few success stories of the tories being in power. It makes me wince if I hear from someone that they’ve opted out tho. 

Think that’s when I started paying in … can’t remember how long ago ? Maybe 10 years 

[fraybentos1]

1 minute ago, Crazyfool01 said:

Yep this I started a pension late . Prioritised saving for a house . No way I could afford both now I only make a small contribution on low pay that’ll make buggar all difference when I retire … oh well . I’ve a house at least 

If you’re mortgage free by the time you retire then your living costs are gonna be very low anyway so with the state pension then a bit on top you’d probs be ok.

It’s never too late to up contributions if you can afford it? It’s essentially free money from your employer. A couple extra percent over the 20 odd years till u retire can make a big difference.

[fraybentos1]

1 minute ago, Crazyfool01 said:

Think that’s when I started paying in … can’t remember how long ago ? Maybe 10 years 

2012 so roughly that aye. Happy to offer a bit of advice if you want it over PM at any time.

[philipsteak]

My company just pays the minimum, 3% I think. And while I am on relatively low pay i'm lucky that my outgoings are very low as my employers do provide cheap staff accommodation. So I can chuck a decent amount of that low pay into my pension and savings. If I was paying normal rent though I have no idea how you'd do it

[Crazyfool01]

1 minute ago, fraybentos1 said:

If you’re mortgage free by the time you retire then your living costs are gonna be very low anyway so with the state pension then a bit on top you’d probs be ok.

It’s never too late to up contributions if you can afford it? It’s essentially free money from your employer. A couple extra percent over the 20 odd years till u retire can make a big difference.

Yep that was my take and with no dependants I could live off some equity as I’ve no need to pass anything down . But yeah might look at that 

[fraybentos1]

2 hours ago, philipsteak said:

So annoyed with myself for not taking this seriously when I was younger. I do now, and am making a real effort but missed out on so much and am just playing catchup. I genuinely think I thought I wouldn't make it to pension age! Seemed so far away, my dad died when I was 19 (and he was 53) and my lifestyle was very much leading me down the same path. But then I only bloody went and got healthy in my 40s didn't I. Bloody idiot. Really complicated things!

I'd already got better with this stuff years before then but honestly, not at a high enough level and when it occurred to me I might actually live long enough to need a pension now I massively upped my contributions. I was already pretty good at saving) But it would have been so much better and easier just to start earlier. 

I'm like a pensions Jacob Marley with the younger staff at work now. Hopefully auto-enrolment is making a difference. I know the base level is very low but at least it's something

Yeah it’s tricky when you’re younger especially if you don’t have a parent who gives advice on it. 
 

well Done for getting on track with it tho 

[philipsteak]

7 minutes ago, fraybentos1 said:

Yeah it’s tricky when you’re younger especially if you don’t have a parent who gives advice on it. 
 

well Done for getting on track with it tho 

Cheers. 

It's that thing of "The best time to start was X years ago, the 2nd best time is now" 

[Crazyfool01]

I presume anything paid in is protected ? Because it’s held elsewhere  ? I’ve little faith my supermarket will last the year the way things are going 

[Neil]

1 hour ago, fred quimby said:

Ah you were talking about the olden days, you hadn't made that clear.

Was clearly talking about what fish might have done in the past.and what I did do in the past.

Edited January 18 by Neil

[Neil]

11 minutes ago, Crazyfool01 said:

I presume anything paid in is protected ? Because it’s held elsewhere  ? I’ve little faith my supermarket will last the year the way things are going 

The value of your investment might go up-or down. When you're giving your money over for someone to gamble with you take the consequences of their gambling.

[Neil]

45 minutes ago, fraybentos1 said:

If you’re mortgage free by the time you retire then your living costs are gonna be very low anyway so with the state pension then a bit on top you’d probs be ok.

It’s never too late to up contributions if you can afford it? It’s essentially free money from your employer. A couple extra percent over the 20 odd years till u retire can make a big difference.

Was chatting to a mate yesterday about his living costs The big cost everyone seems to forget is council tax. Also is good to try and transfer costs, can get your GP to pay for a gym membership.

[Neil]

Govt being despicable and trying to pressure NI devolution parties by withholding a pay rise for public sector staff. If the govt want to pressure those parties they should do it directly rather than by f**king about with people's wages who are nothing to do with the stalled devolution.

[lazyred]

39 minutes ago, Crazyfool01 said:

I presume anything paid in is protected ? Because it’s held elsewhere  ? I’ve little faith my supermarket will last the year the way things are going 

Yes things have tightened up since Maxwell robbed his pensioners. I assume you have a DC pension (a pot of money rather a guaranteed income). The markets go up and down but historically over decades the value goes up. You choose when and how much to withdraw or you buy an annuity for a fixed income.

[Crazyfool01]

Just now, lazyred said:

Yes things have tightened up since Maxwell robbed his pensioners. I assume you have a DC pension (a pot of money rather a guaranteed income). The markets go up and down but historically over decades the value goes up. You choose when and how much to withdraw or you buy an annuity for a fixed income.

I think so although I’d probably best check 😂

[steviewevie]

47 minutes ago, Crazyfool01 said:

I presume anything paid in is protected ? Because it’s held elsewhere  ? I’ve little faith my supermarket will last the year the way things are going 

it will be with a private pension company so yes should be protected. 

[Neil]

4 minutes ago, lazyred said:

Yes things have tightened up since Maxwell robbed his pensioners. I assume you have a DC pension (a pot of money rather a guaranteed income). The markets go up and down but historically over decades the value goes up. You choose when and how much to withdraw or you buy an annuity for a fixed income.

Not tightened up that much the Wilko pension fund is missing money.

[lazyred]

12 minutes ago, Neil said:

Not tightened up that much the Wilko pension fund is missing money.

Thats probably a DB pension unless they didn't pass the money over to the administrating fund. DB pensions that fail are covered upto a point by the Pension Protection Fund.